Australian share market finishes marginally lower, healthcare among losses

The benchmark S&P/ASX200 Index closed within the narrow range it has been stuck in all week, not once piercing the key 6200 point mark.

The Australian share market opened in positive territory but gave up the gains to close marginally lower.

The benchmark S&P/ASX200 Index finished 0.14 per cent softer at 6111.2 while the All Ordinaries Index dropped 0.02 per cent to 6270.7

“Very little movement, very little gusto behind any of the moves in either direction both up and down this week, and the ASX200 has been really stuck within quite a narrow range of between about 6050 points and just shy of 6200,” CommSec market analyst Steve Daghlian said.

“That has been the case for some time - the market has been unable to crack through 6200.”

The big four banks were all weaker, with ANZ slipping 0.43 per cent to $18.38, Commonwealth Bank easing 0.9 per cent to $69.63, National Australia Bank falling 0.28 per cent to $17.65 and Westpac dipping 0.17 per cent to $17.23.

Suncorp posted a full year cash profit of $749 million, a 33 per cent slump compared with the previous year, but its shares leapt more than 11 per cent to $9.65.

“While it was a decline, perhaps not quite as bad as some expected and also ... perhaps there’s a bit of playing catch up here because Suncorp was down about 40 per cent year-to-date,” Mr Daghlian said.

Suncorp shares gained after it released its 2019-20 results.

Market heavyweight BHP shed 0.93 per cent to $38.36, Rio Tinto was down 0.53 per cent at $100.71 and Oz Minerals lost 4.58 per cent to $14.18.

Healthcare stocks were lower, with CSL dropping 1.49 per cent to $295.52, Cochlear slipping 1.16 per cent to $206.22 and ResMed falling 1.65 per cent to $25.03.

Shares in pharmaceutical company Mayne Pharma declined 2.86 per cent to 34 cents after it posted a net loss, saying prescriptions fell as fewer people visited doctors during lockdowns.

Online travel agent Webjet soared 11.08 per cent to $3.60 after falling about the same amount yesterday while Flight Centre rose 7.11 per cent to $12.51 and airline Qantas improved 3.72 per cent to $3.90.

The Aussie dollar was buying 71.96 US cents, 54.30 British pence and 60.60 Euro cents in afternoon trade.